Buyers Seek US Waivers to Buy Iranian Oil Amid New Sanctions

South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia. The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran’s nuclear ambitions in exchange for removing joint U.S.-Europe sanctions, which included strict curbs on crude oil exports. New U.S. sanctions will include measures aimed at its oil and shipping sectors, with a six-month “wind down” period “to allow companies to end contracts, terminate business, (and) get their money out”, according to the U.S. State Department. “President Trump is clearly articulating that he […]